Cogent Biosciences falls on $150 mln stock offering launch
** Shares of Cogent Biosciences COGT.O down 4.9% in extended trading to $9.30 as co seeks equity raise
** Waltham, Massachusetts -based firm commences $150 mln share offering
** Co plans to use net proceeds for continued development, regulatory and commercial preparation activities relating to bezuclastinib and other product candidates, among other purposes
** COGT shares on Mon surged 23% and closed at $9.35 after co said bezuclastinib showed a statistically significant reduction in symptoms in patients with mastocytosis, a type of blood disorder, and that it expects to to file a marketing application for the treatment by the end of 2025
** Its shares on Tues added another 4.6%, finishing at $9.78
** With ~113.9 mln shares outstanding, co has ~$1.1 bln market cap
** JP Morgan, Leerink and Guggenheim are jt bookrunners for the offering
** 9 of 12 analysts rate COGT "strong buy" or "buy", rest rate "hold" and median PT is $17.50, per LSEG data
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